SolarEdge Technologies, which provides solutions that optimize and monitor solar closed a $37 million funding round led by Norwest Venture Partners.
The company says the funding will be used to expand globally as well as strengthen its balance sheet.
SolarEdge’s power optimizer is designed to maximize energy production for each individual module, allowing for a faster return on investment and greater solar efficiency.
The SolarEdge power optimizer, which is integrated into each module, replaces the traditional solar junction box. The power optimizer maximizes energy output from every module by constantly tracking its power output – they automatically maintain a fixed voltage, allowing optimal inverter efficiency (which the company also makes), giving installers greater flexibility in how they design optimal PV systems.
The power optimizer also communicates module performance to enable module-level monitoring. A web-based application provides module-level, string-level and system-wide monitoring. The software automatically provides alerts for accurate fault detection, localization and remote troubleshooting at the panel-level. Module performance is communicated across existing power lines, so no extra wiring is required.
Existing investors – Opus Capital, Walden International, Genesis Partners, Vertex Venture Capital, Lightspeed Venture Partners and GE also participated in this round.
"The solar industry is transitioning toward advanced power harvesting solutions. We see SolarEdge as the clear market leader in this high-growth segment given its compelling advantages over existing approaches," says Kevin Skillern, a managing director at GE Energy Financial Services.
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